What do you think when I mention VISA? Yea 99% of you will know this brand. I love this company and I have been vested into this amazing company.

VISA has a sustainable competitive advantage. Visa has an enviable competitive position within its industry; as one of three dominant credit-card brands, it benefits from strong network effects. Consumers demand to use Visa's credit and debit cards because of the convenience, security, and rewards they provide, which forces merchants to accept Visa's cards to satisfy those customers and earn their business. This positive feedback loop makes the entire network more valuable over time and prevents newcomers from gaining traction.Visa also possesses multiple intangible advantages. The company has spent decades building a trusted, globally recognized brand through massive advertising campaigns like the one we saw at this year's Summer Olympics in Rio. And the 83 billion-plus transactions Visa processed in 2016 add to a huge database of valuable proprietary information that can be used to offer ancillary services and make customer relationships even stickier.Because of these advantages, Visa is insanely profitable. The company's operating margin is consistently higher than 60%, and its return on capital (in the mid- to high teens) is well above its cost. Those profits have attracted an ever-growing cadre of competitors trying to capture a tiny piece of the pie, but Visa's relative size allows it to invest heavily in research and development to maintain a technological edge and fend off the newbies.

VISA has very predictable revenue.

Every time someone makes a purchase with their Visa credit or debit card, whether in a physical store or online, Visa's cash register also rings. If the global economy stays reasonably healthy and consumers continue to transition from cash to electronic payments, we can expect Visa's share to expand as the whole pie does. Further, Visa does not take on the risk of issuing credit to consumers, leaving that business to the card-issuing banks. Instead, in exchange for a small piece of each transaction, Visa ensures the digital money moves smoothly from customer to merchant.

As the market rocks up and down, I'm doing nothing while letting my investment thesis on options work do it's work. Are you a speculator or an investor? Speculators usually don’t survive more than one economic cycle while investors reach decent returns. In investing, most people are attracted by the prospect of quick gains and fall victim to the many fads of Wall Street. Therefore, it’s more important to know what not to do than what to do to reach long lasting satisfying returns.

Seth Klarman attributes these are the characteristics of successful investors.

They are unemotional, allowing the greed and fear of others to play into their hands.

They have confidence in their own analysis and judgement and respond to market movements with reason.

They demonstrate caution in frothy markets and conviction in panicky ones.

They see market prices and fluctuations as opportunities taking advantage of Mr. Market’s erratic behavior.

They know that the markets aren’t efficient and above average returns can be reached.

They clearly distinguish stock price fluctuations from underlying business reality.

Value in relation to price determines their investing decisions.

They think the stock market is a vehicle to invest capital in and earn a decent return.

They allow returns to compound over time.

Unsuccessful investors have the opposite characteristics:

They believe the market is efficient and cannot be beaten.

They look to Mr. Market for guidance – sell low, i.e. when prices went already down, and buy high, i.e. when prices went already significantly up.

They focus on what the market is doing rather than look at what is happening with underlying fundamentals.

They panic when prices fall instead of buying more if a security was a good buy in the first place.

They think that if market prices are falling, the business must be doing badly.

They let emotions guide their investment decisions and respond to market fluctuations with greed and fear.

They take years of hard work to save but take only a few minutes to make an investment decision.

They seek shortcuts to investment success.

They constantly revise assumptions in order to justify higher prices.

They pour money into stocks just because bonds have low yields.

They seek simple investment formulas, usually by projecting the recent past into the future.

They project their most recent personal experiences into the future.

One investment thesis I have on a company. Paypal.

The payments giant posted a solid fourth quarter, with revenue and non-GAAP EPS each up 17% from last year's levels. PayPal ended the year with 197 million users (up 10%) and improved engagement, as the number of payment transactions and total payment volume increased 23% and 22%, respectively, in the fourth quarter, and 24% and 26% for the full year. But while those stats are impressive, we agree with CEO Dan Schulman's statement that PayPal is "just scratching the surface" of the market opportunities that lie ahead.

PayPal is well positioned to benefit from increasing consumer adoption of mobile payments. The company processed more than $100 billion of mobile payments during 2016 (up 55%), and more than half of those who used the PayPal platform did so via their mobile device. This makes PayPal a powerful partner for merchants around the world as they move toward a multichannel business model. PayPal's One Touch functionality enables users to check out quickly and securely at over 5 million merchants. According to CEO Schulman, One Touch has an 87% conversion rate on mobile (turning site browsers into buyers), compared with an industry average of just 44%!​PayPal's transaction margins continued to decrease thanks to a mix shift toward lower-margin products including Venmo and Braintree, but the company did a nice job of offsetting this effect by controlling operating expenses. I believe there is plenty of opportunity for margin expansion in the coming years as payment volumes increase and the company begins to enjoy the benefits of scale.